Remittances jump 10.2% to US$4.9B in 3Q: Central Bank

Santo Domingo.- Remittances from relatives jumped 10.2% to the third quarter, from US$4.4 billion in 2017 to US$4.9 billion this year, according to figures from Dominican Republic’s Central Bank.

“If this trend continues, by yearend 2018 the amount of remittances could be the highest in the last eight years. In 2017, remittances of dollars to the country totaled US$5.9 billion,” the Central bank says on its website.

The money Dominicans send to relatives in the country account for 22% of all the dollars that entered the economy during the first nine months, of around US$22.1 billion.

Most remittances (77.34%) come from the United States, a proportion that has been rising since 2010, when they accounted for 66.45% of the total.